Wells Fargo Cuts 3,000 Jobs

Wells Fargo’s Chief Financial Officer Tim Sloan reported at an analyst conference that he expects mortgage originations from their second quarter numbers of $112 billion to roughly $80 billion in the third quarter.

The massive drop in originations has led to the layoff of 3,000 employees within Well Fargo’s mortgage sector. Mr. Sloan stated at the conference that it would take two quarters worth of cuts to truly reduce company expenses and they will continue to “manage our capacity”, as reported by The Wall Street Journal. So it sounds as if more layoffs are likely.